Select Income REIT acquires three office properties in Sterling for $85.6 million
- December 10, 2012
HFF (Holiday Fenoglio Fowler)in Washington, D.C., said Monday that it closed the sale of the Orbital Sciences campus in Sterling with Select Income REIT buying the three single-tenant, net-leased office properties for $85.6 million. HFF marketed the 337,228-square-foot property on behalf of the seller, a fund advised by Prudential Real Estate Investors.
Orbital Sciences has a lease to occupy the three acquired properties, located at the intersection of Warp Drive and Route 28 North, through June 2023. Completed in 2011, the property is 100 percent leased on a long-term basis to Orbital and serves as the company’s global headquarters.
Based in Newton, Mass., Select Income REIT primarily owns and invests in single-tenant, net-leased properties. The firm completed its initial public offering on March 12, 2012, at which time it owned 251 properties in 14 states with a combined total of approximately 21.4 million rentable square feet.
Since that time, it has acquired another 14 properties totaling 3 million rentable square feet for an aggregate purchase price of $380.6 million.